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For example, attorneys, real estate agents and power of attorney representatives can also assume the role of fiduciary. There are several types of fiduciary relationships.
The Court of Chancery, which governed fiduciary relations in England prior to the Judicature Acts. A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example ...
A fiduciary is an individual or entity that acts on behalf of another person or group. Whether they are financial advisors, lawyers, trustees and more, fiduciaries assume a legal and ethical ...
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee's duty to administer the trust solely in the interest of the beneficiaries, and following the terms of the trust.
The legal status of a protector is the subject of some debate. No-one doubts that a trustee has fiduciary responsibilities. If a protector also has fiduciary responsibilities, then the courts—if asked by beneficiaries—could order him or her to act in the way the court decrees. However, a protector is unnecessary to the nature of a trust ...
You may, for instance, want to give your real estate agent a limited financial power of attorney in order to handle the sale of your home. In another situation, you may give your spouse or adult ...
In most jurisdictions, the duty is codified in the terms of legal professional rules, such as the Model Code of Professional Responsibility. Although the duty of confidentiality and fiduciary duties have common origins, they cannot be equated as not all fiduciary duties attract duties of confidentiality and vice versa.
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.